Thanks very and Here is the most important part I see they have now dissolved the old company and can now move forward into a new one. This is were it will be getting interesting as we now know they are available to move this shell anywhere now. looking forward to seeing some magical day soon of new SEC flilngs of that choice. still long till the end.
Dave
NOTE A - NATURE OF BUSINESS AND BASIS OF PRESENTATION
Interim Financial Statements and Change in Basis of Presentation
On November 16, 2009 the Board of Directors terminated the plan of liquidation and dissolution (the ”Plan of Liquidation”) previously approved by the Board of Directors on October 13, 2006 and by the shareholders of the Company on December 1, 2006. Prior to the termination of the Plan of Liquidation, the Company had prepared its financial statements under the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of a company is probable and the net realizable values of assets are reasonably determinable. Under this basis of accounting, assets are valued at their estimated net realizable values and liabilities are stated at their estimated settlement amounts.
As a result of the termination of the Plan of Liquidation, the liquidation of the Company is no longer probable and therefore, the Company’s unaudited consolidated balance sheets at September 30, 2009 and December 31, 2008, and the unaudited consolidated statements of operations and cash flows for the three and nine months ended September 30, 2009 and 2008 have been prepared by management assuming the Company will continue as a going concern. Periods presented prior to September 30, 2009 are unaudited and have been recast to reflect amounts that are presented on a going concern basis. The unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for the fair presentation of financial position and the results of operations for the interim periods presented and have been prepared in accordance with generally accepted accounting principles in the United States. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to current year presentation. Notes to the consolidated financial statements which would substantially duplicate the disclosures contained in the audited consolidated financial statements required on Form 10-K have been included in this Quarterly Report on Form 10-Q because the change in the basis of presentation in this Quarterly Report on Form 10-Q is not comparable to the basis of presentation included in the 2008 annual report filed on Form 10-K.
The consolidated financial statements for the year ended December 31, 2008 included in our fiscal year end December 31, 2008 Annual Report on Form 10-K, previously filed with the Securities and Exchange Commission were prepared using the liquidation basis of accounting and are not comparable with the basis of presentation of the unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q.
